Bitcoin Price Slumps Below $84k as Miners Cash Out and Institutional Demand Fades

The Bitcoin price has retreated below $84k after a strong start to the week, leaving many wondering what led to the sudden drop. One reason is that miner-linked transfers to Binance increased sharply, with miners taking advantage of higher prices to cash out.

This trend is typically observed when miners wait for elevated prices to cover mining expenses and earn extra profits. The last time such a spike in miner-to-exchange flows was seen was in August.

Additionally, institutional demand has dropped significantly, with Bitcoin ETFs acquiring only $346.9 million in inflows on Wednesday, compared to nearly $1 billion worth just two days prior. This decline in demand may have contributed to the pullback.